HSBC USA Inc. (‘HSBC’) has sold its interest in Wells Fargo HSBC Trade Bank, N.A. (‘Trade Bank’), consisting of 20 per cent of the Trade Bank’s common stock and 100 per cent of its non-voting preferred stock, to WFC Holdings Corporation (‘Wells Fargo’) for US$171 million in cash.

The Trade Bank, formed by Wells Fargo and HSBC in 1995, provides trade finance services to middle market companies in 18 U.S. states located west of the Mississippi River. Following this sale, HSBC intends to expand further its full suite of commercial banking services, including Trade and Supply Chain services, in these 18 states.